October 11, 2010 11:26 am

As far as initiative politics, it doesn’t get much better than this: former U.S. senator Slade Gorton and Seattle attorney Bill Gates Sr. will face off tonight in a debate over I-1098, the high-earner income tax measure, at UW Tacoma.

Unfortunately, the event is booked up. But we’ll be there tonight and have a full report online this evening and in tomorrow’s print edition. You can also watch a live webcast on TVW’s website starting at 6 p.m. tonight. TVW will also carry the debate on its broadcast channel Tuesday at 7 p.m. and Wednesday at 7:30 p.m.

Gates has emerged as chief spokesman for the initiative, which would create an income tax income tax for those earning more than $200,000 individually or $400,000 as a couple, while lowering state property taxes. The Herald covered a Gates-Gorton I-1098 debate in Edmonds last week. An excerpt:

Attorney William Gates Sr., father of Microsoft co-founder Bill Gates, told a crowd at Edmonds Community College that Initiative 1098 would provide money for priorities that Washington’s leaders have failed to support.

“This seems to me an opportunity to step up and do something about the funding for education and health care,” Gates said.

Former U.S. Sen. Slade Gorton, R-Wash., countered that the initiative would sap the state economy and, paradoxically, leave less money for education.

“What happens when states go down that road is they lose ground, they lose money, they lose income,” Gorton said.

Feeds

I want someone to ask Mr. Gates if he would mind providing the public with copies of his last 3 years of income tax records. I have a suspicion that I-1098 wouldn’t affect him in the slightest. He enjoys posing as a high roller but I’ll bet all his wealth is tied up in trust accounts and so forth.

Go to the link and calculate what your taxes will be if Congress does not act to extend them. Try 10+% increase. Who can afford to give another 10% of your taxes to this administration or Congress. Obama told Joe the Plumber YOU SHOULD SHARE YOUR WEALTH. So how about it Gates, Sr. Sign over your trust account tonight.

Many people have planned their finances (mortgage, retirement, etc) based on their current income. Mr. Gates claims “that the rich can afford it”! Maybe if you are Bill Gates Jr. and you dont have to worry about it. But a change like this will certainly have a huge negative impact on the financial planning of many people it effects. I have tried to be very philanthropic in the past so as to “give back” to the community. As a physician, I give to many organizations that give money for scientific research as the government sources (NIH, etc) have significantly dried up. Now organizations such as the local American Cancer Society, local American Heart Association, Cystic Fibrosis Foundation, etc will see significant decreases in philanthropic donations. This will result in even fewer research dollars for scientific investigators. The follow on is that researches at UW, Fred Hutchinson, etc will suffer. Ultimately, they will leave the area because they have had their funding cut. This will result in “brain drain” from Washington State. This is not a new phenomenon. Moreover, employed physicians in Washington state (as opposed to private practice) are paid less than their counterparts in other states but this is made up by the absence of a state income tax. With an increase in their tax burden, physicians will either move out of the state or into private practice. In either case, it will make access to medical care in the state more limited.

Finally, people are kidding themselves to think this will not end up eventually being applied to everyone in the state. The initiative still leaves the state with a budget deficit and the state has no plans to cut spending. It is like feeding the habit of a drug addict, giving them more money to spend when they already spend out of control.

This initiative has many unintended consequences. The magnitude of the negative change associated with it has not even been contemplated. I only outlined but one, but it is real. Be smart, dont support I1098. It is a very dangerous step in the wrong direction for many reasons. Washington has been a leader in SO MANY industries. The absence of a state income tax is largely responsible for that. Lets not lose the competitive edge that our state has. Vote NO on I1098

I have lived in States with a 2% income tax. Now it approaches 13% along with an 8% sales taxe.
When I was there in 2004, the sales taxe was 2.8%, and the cries from the politicos were that the State Income tax is unfair, attacks the poor, and is regressive.
Does this sound familier???
The so called “Rich People” pay less taxes.
Explain that to me? Go buy a new BMW and look at the sales tax.
Poor people don’t buy expensive items…except for the lady I observed using 10, I said 10, as I watched her and her “family” buy items using a different Wa State welfare cards for each purchase.
I asked the clerk if this is common? She said “everyday” I asked why did you noy check her ID? Her response…She is Hispanic, we ain’t allowed.
I have never returned to Albertson’s since.

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